As US pop icon Taylor Swift began her Eras World Tour in 2023 a new term soon started appearing in media headlines. “Swiftonomics” became the chosen word to explain the extraordinary economic impact her concerts were having on local economies as fans poured in and spent money on accommodation, restaurants and cafes, transportation and more. Among the biggest beneficiaries of this economic sugar hit were hotels and short-term rental accommodation. While an influx of super Swifties may be a rare occurrence, there’s a lesson here for property investors — if you’re planning on investing in short-term rental accommodation take note of major annual events nearby to benefit from the spike in bookings and boost your returns.
Australia’s Short-Term Rental Report 2023, compiled by short-term rental property management company Made Comfy, concurs: “In recent years, the short-term rental (STR) sector in Australia has seen significant growth, with travellers increasingly opting for STR accommodation over traditional hotels, thus driving high demand.”
And it’s not just Sydney that offers world-class events and festivals that attract thousands of visitors seeking STR accommodation during their stay. Here are Australia’s biggest events to keep on your radar when considering investing in short-term rental accommodation:
1. Sydney’s New Year’s Eve Fireworks
Where: Sydney Harbour
When: New Year’s Eve
Sydney’s world-famous New Year’s Eve fireworks show attracts thousands of visitors year after year with a dazzling display over the harbour. Throughout the day and well into the evening, the city is abuzz with excitement and entertainment in anticipation of the 9pm family fireworks, followed by a midnight spectacular of epic proportions. The fireworks launch from the Harbour Bridge, Sydney Opera House and barges around the harbour as crowds throng the foreshore. So what should I look for in an investment property? As the fireworks light up the sky, it would be advantageous to look for a property with inner-city views, particularly a balcony or large windows that can serve as a vantage point.
2. The Australian Open
Where: Melbourne
When: January
The Australian Open tennis tournament is one of Australia’s biggest sporting events, attracting the world’s best players and more than 550,000 spectators to Melbourne Park for two weeks of world-class tennis action. The vibrant and lively atmosphere pervades the whole city, with matches broadcast on big screens in key locations, festive beer gardens and live music performances. So what should I look for in an investment property? Whilst properties surrounding Melbourne Park are likely to provide great returns, it’s also a good idea to consider suburbs that hug the well-connected tram lines that Melbourne is so famous for.
3. Adelaide Fringe
Where: Adelaide
When: February – March
The biggest arts festival in the Southern Hemisphere, the Adelaide Fringe Festival consists of a variety of events including comedy, cabaret, theatre, music, visual arts, circus and much more. Known as ‘The People’s Festival’, the annual event is a celebration of all art forms. Anyone can register for a show, so visitors are bound to come across something unique, quirky and fascinating to enjoy. So what should I look for in an investment property? This comedy festival is known for its jam-packed schedule and late nights, so when looking for an investment property it’s a good idea to search for an inner-city crash pad.
4. Floriade
Where: Canberra
When: September – October
Each spring, the nation’s capital bursts into colour with more than one million blooms on display at Floriade, the largest garden festival in the Southern Hemisphere. The centre of the month-long event is Commonwealth Park, where visitors can enjoy an exciting program of music, entertainment, horticulture workshops and dazzling floral displays. So what should I look for in an investment property? Canberra is a sprawling and drivable city so you can truly have your pick of the litter when it comes to an investment property, however, properties with leafy outdoor spaces may appeal to those attending Floriade.
5. Mona Foma
Where: Hobart and Launceston
When: January
Held over two consecutive weekends in Hobart and Launceston, Mona Foma is Tasmania’s summer festival celebrating music, art and culture. It’s a collaboration with the Museum of Old and New Art (MONA) near Hobart and offers a heady mix of traditional and contemporary genres and a lively atmosphere charged with curiosity and creativity. The winter equivalent, Dark Mofo, is held around the winter solstice annually and is also increasingly attracting visitors. So what should I look for in an investment property? MONA in particular is situated on a small island off of Hobart, therefore location is not crucial, as long as your investment property is well-connected and retains the cosy charm Tasmania is known for.
6. Noosa Eat & Drink Festival
Where: Noosa
When: June
The Noosa Eat & Drink Festival brings together renowned culinary talents and avid foodies from far and wide to celebrate all things food and drink on Queensland’s Sunshine Coast. Set against the idyllic seaside backdrop of Noosa and its beautiful tropical hinterland, the festival is a feast of live cooking demonstrations and festive banquets, with beach parties and plenty of tastings and entertainment throughout the month. So what should I look for in an investment property? Noosa is all about location, location, location with the main street, beach and coastal walk being all within a five-hundred-metre radius. This drives property prices up so an apartment that’s in the action but might need a little TLC is a great place to start.
7. Sydney Gay & Lesbian Mardi Gras
Where: Sydney
When: March
Over three weeks, Sydney Gay & Lesbian Mardi Gras transforms the city into a rainbow of pride in the lead-up to the famous annual parade. Thousands gather along Oxford Street to watch LGBTQIA+ groups sashay their way down one of Sydney’s busiest streets in a glittering display of dance, music and spectacular floats. So what should I look for in an investment property? Anyone who has attended the parade knows it cuts through the heart of Darlinghurst, with the action spilling off of Oxford Street, so proximity to that location is crucial, bonus points if you can see the action from the property.
8. Melbourne Cup Carnival
Where: Melbourne
When: November
Awash with fashion, food, festivities and horse racing, Melbourne Cup Carnival has the whole city pulsing with excitement. For more than a week, there are endless parties, parades, special events and four unique race days, including the famous Melbourne Cup Day that stops the nation on the first Tuesday of November. So what should I look for in an investment property? Melbourne Cup attracts groups looking for a fun day out therefore larger investment properties that are situated on the train line are always a hot commodity.
9. Hamilton Island Race Week
Where: Hamilton Island
When: August
Hamilton Island Race Week attracts around 250 yachts from around the world to Australia’s largest sailing regatta. On shore, the festival program boasts an incredible line-up of fashion events, champagne lunches and cocktail parties under the stars at some of the island’s most prestigious resorts. All this and much more set against the glorious Whitsundays’ backdrop of azure waters and endless sunny blue skies. So what should I look for in an investment property? You might anticipate us stating the obvious, however with Hamilton Island being full of hotels, resorts and private dwellings we encourage you to turn your gaze to the nearby Airlie Beach. Being just over an hour away via boat, this town provides a landing point for those wanting to see the race from the water.
10. Vivid Sydney
Where: Sydney
When: May – June
Sydney puts on a dazzling show when it plays host to the world’s biggest festival of light, music and ideas, known as Vivid Sydney. Visitors from all over the world descend on the city during this three-week winter festival to immerse themselves in light installations and projections on some of the city’s most iconic landmarks. There are also night markets, street performances, music concerts and an inspirational Ideas program featuring some of the finest creative minds of our time. So what should I look for in an investment property? Vivid takes over the city of Sydney, with the city seeing a record-high number of public transport users. So having an investment property anywhere that’s well-connected in Sydney is a win!
In addition to these major, world-class events many regional tourist areas hold popular annual wine and food festivals, music festivals and sports events that are a drawcard for visitors, making these areas a more affordable entry point for investing in short-term rental accommodation with good prospects for boosted bookings and higher rental returns.
Disclaimer:
Buyers and investors should consider conducting their own research and seeking professional advice before making any property purchases. The information enclosed has been sourced from SQM Research and the Reserve Bank of Australia and is provided for general information only. It should not be taken as constituting professional advice.
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